Altria Group Inc.: wave analysis 08 August 2019, 09:27

Altria Group Inc.: wave analysis

08 August 2019, 09:27

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	46.25
Take Profit	57.85, 60.10
Stop Loss	42.40
Key Levels	35.00, 38.50, 42.40, 57.85, 60.10

Alternative scenario
Recommendation	SELL STOP
Entry Point	42.30
Take Profit	38.50, 35.00
Stop Loss	43.60
Key Levels	35.00, 38.50, 42.40, 57.85, 60.10

The correction is ending, the price may grow.
On the daily chart, the upward correction of the higher level develops as the wave (B) of 2. Now, the development of the wave B of (B) is ending. If the assumption is correct, after the end of the correction, the price will grow to the levels of 57.85–60.10. In this scenario, critical stop loss level is 42.40.


Main scenario
Long positions will become relevant during the correction, above the level of 42.40 with the targets at 57.85–60.10. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 42.40 will let the price go down to the levels of 38.50–35.00.